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Economic Perspectives, Vol. 4, No. 1, 1980
Perils of the 1980s
The start of a new decade traditionally provides a convenient point for assessments of the economic outlook for the longer-term future. Since World War II, such projections typically have been characterized by a spirit of optimism. Output usually was expected to rise steadily with accompanying increases in productivity and consumption. In early 1980, however, confident optimism is a rare commodity. Sanguine expectations of perpetual economic growth and rising living standards have given way to apprehension that the existing level of consumption cannot be maintained.
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